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Soy Market Gains on Report Day

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Soybean futures faded the midday highs, but still finished the day 12 1/4 to 20 3/4 cents higher. The new crop soy/corn ratio is 2.517 on June 30, that is down from Friday’s 2.648, but above the 2.455 from the March intentions report. Soymeal futures closed with gains of $5.50/ton to $6/ton. Bean oil futures closed off the intra-day high as well, but finished with 36 point gains in the front months. NASS reported 83.825 million acres of 2020/21 beans were planted or intended, which includes 12.8m acres not yet planted as of mid-June. That was only 0.32 million soybean acres above March’s Planting Intentions. The trade was looking for a 1.32 million acre bump. Old crop stocks were reported at 1.386 bbu. On average, traders were expecting 1.391 bbu. Call that a bullseye. Traders estimate USDA will report May bean crush between 180 to 182 mbu on Wednesday. If realized, that would be down 1.5% from April, but still 9.2% higher yr/yr for the largest May crush on record. The average estimate for bean oil stocks on hand is 2.37b lbs.

Jul 20 Soybeans closed at $8.84 1/4, up 17 3/4 cents,

Aug 20 Soybeans closed at $8.78 3/4, up 17 1/4 cents,

Sep 20 Soybeans closed at $8.77, up 18 3/4 cents,

Nov 20 Soybeans closed at $8.82 1/4, up 20 3/4 cents,

Jul 20 Soybean Meal closed at $286.30, up $5.80

Jul 20 Soybean Oil closed at $27.98, up $0.36

--- provided by Brugler Marketing & Management

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